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'APEC must play key role' in global economy

Publication Date : 17-07-2012

 

Vietnam, as a developing country, was actively integrating into the global economy, fully implementing multilateral and bilateral international commitments, and creating a favourable business environment for domestic and foreign businesses and investors.

President Truong Tan Sang made the statement while attending the third session of the Business Advisory Council (ABAC) of the Asia-Pacific Economic Cooperation (APEC), which opened in Ho Chi Minh City yesterday.

The session aimed to form official reports, recommendations and dialogue content to be submitted to APEC leaders at a summit in Vladivostok, Russia in September this year.

According to Sang, in the context of the stagnant world economy, declining trade transactions, unstable global finance, the Doha negotiations facing a standstill and some countries applying protection measures and trade barriers, APEC should have comprehensive and effective approaches, and take rapid and drastic actions to boost regional economic recovery and sustainable development, continuing to affirm its key role in maintaining the momentum for global economic growth.

Emphasising the especially important role of cooperation between Vietnam and other APEC economies, Sang stressed that joining efforts with regional economies, Vietnam was determined to overcome current difficulties, stabilise its macro economy, curb inflation and improve its investment environment.

The country was striving to speed up economic restructuring, focusing on investment, finance and State-owned enterprises, he said.

The President spoke highly of the ABAC's practical recommendations put forth at its two previous sessions in 2012 on strengthening regional economic and financial integration, promoting investment and trade liberalisation, enhancing links between supply chains, ensuring food and energy security, increasing investment in technology and infrastructure, supporting the development of small – and medium-sized enterprises (SMEs), and green growth.

He suggested the APEC business community take practical measures to develop infrastructure through public-private partnerships, strengthen connectivity among APEC economies, and create good conditions for businesses, especially SMEs, to join regional supply chains.

Sang also stressed the need to boost technology transfer in agricultural and energy source development in order to ensure food and energy provision and security with sustainable growth.

Vietnam supported APEC's leading role in boosting trade liberalisation and facilitation of trade and investment as well as ensuring regional security and peace towards the Bogor Goals and the Vision of the Free Trade Area of the Asia Pacific, he affirmed.

Since 2009, Vietnam has participated in the P4 (Pacific trade bloc) initiative and has been actively joining the Trans-Pacific Partnership negotiations, he noted.

The President expressed his belief that ABAC members and regional businesses would contribute new initiatives to realising APEC's common goals.

The ABAC session will end on July 19.

 

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